We investigate the joint effect of corporate risk disclosure (CRD) and corporate governance (CG) on firm value in Tunisia. We examine a sample of 156 firm observations of Tunisian-listed companies during 2008–2013. A manual content analysis method is used to measure the level of risk disclosure. We find that CRD has a negative and significant effect on firm value. In addition, family ownership negatively affects firm value. However, board size, the independence of the audit committee, and the presence of the women on the board lead to greater firm value. We find a substitution effect between CRD and CG mechanisms on the firm value. This paper adds to risk disclosure studies by examining the economic consequences of CRD in emerging market. Furthermore, this paper contributes to the literature by being the first study, to the best of our knowledge, which investigates the joint effect of CRD and CG mechanisms on firm value.

中文翻译：

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公司风险披露和公司治理对公司价值的共同影响

我们调查了突尼斯公司风险披露（CRD）和公司治理（CG）对公司价值的共同影响。我们研究了突尼斯上市公司在2008-2013年期间进行的156次企业观察的样本。手动内容分析方法用于衡量风险披露的水平。我们发现CRD对公司价值具有负面影响和重大影响。此外，家族所有权对公司价值产生负面影响。但是，董事会规模，审核委员会的独立性以及董事会中女性的存在导致了更大的公司价值。我们发现CRD和CG机制之间对企业价值的替代作用。本文通过研究CRD在新兴市场中的经济后果，增加了风险披露研究。此外，根据我们的知识，本文是首次研究，对文学做出了贡献，